Latvia’s Kalve Coffee seeks $1.1m IPO to fuel international expansion

A Kalve Coffee’s Miera Street outlet in Riga | Photo credit: Kalve Coffee

Latvian specialty coffee roaster and café operator Kalve Coffee is seeking to raise €1m ($1.1m) in an initial public offering (IPO) to facilitate international outlet growth and expand its production capacity. 
 

Founded in 2019, Kalve Coffee operates four stores and a bakery in the Latvian capital Riga alongside a roastery in Jaunmārupe. 

The business plans to use the IPO to open six stores across neighbouring Estonia and Lithuania as early as 2025 before expanding beyond the Baltic states in 2026. 

Kalve Coffee will also use the IPO to ‘streamline’ its manufacturing processes and increase production capacity at its Jaunmārupe facility, which it promoted as the largest specialty coffee roastery in the Baltics when launched in 2021. 

The factory has a current production capacity of 60,000kg of coffee per month and ships to Horeca clients across Latvia, Estonia, Poland and Germany.  

Kalve Coffee is also distributor of Victoria Arduino and Nuova Simonelli coffee machines and Eureka grinders and is seeking to scale its coffee machine rental and maintenance services to create a more ‘competitive market offering’ for Horeca businesses.  

“Kalve wants to address the lack of availability in the premium coffee market by providing customers with a unique specialty coffee experience. By ensuring a sustainable, affordable, and transparent business, we are proving that we can make the industry better and be profitable simultaneously,” said Gatis Zēmanis, co-founder and CEO, Kalve Coffee. 

Kalve Coffee achieved 38% year-on-year sales growth in 2023 to reach a record €2.5m ($2.7m). The company, which also became first Latvian company to attain B Corp certification last year, posted a profit of €53,000 ($57,000).